Accepting 82% of demand and leaving the cut-off rates unchanged for most bonds, the MoF rejected only three (at higher rates) out of 22 bids at yesterday's auction. Total demand of UAH413m was equally divided among the offerings, the largest being for the 2-year bond.

Headline inflation slowed to 0.8% MoM in April, down from 1.1% MoM in March, while in YoY terms, it remained almost unchanged at 13.1%. Consumer prices will remain under pressure from high consumer demand, rising oil prices, inflationary expectations and expansionary fiscal policy.

The weekly Credit Brief (WCB) provides summaries of significant credit-related events that occured around the globe in the lastest week. This week's WCB includes the following story:
Story of the week: Air France-KLM faces strong headwinds amid high leverage